Trump closes the doors and opens citizens' wallets
The tariffs announced by the president are expected to increase the annual shopping basket by about $2,100 for an American family
According to an analysis by the American Tax Foundation (an independent, non-partisan economic body), the implementation of Trump's new tariff plan – presented last week – will lead to an average annual increase of about $2,100 for an American household, just for consumer goods.
The analysis is based on current import data for key products in the American market:
Computers and tablets, imports in 2024: $47 billion from China, Vietnam, and Taiwan
Footwear, 70% of total imports – $18.5 billion from China and Vietnam
Apparel, imports of about $14 billion from the two countries
Toys, 80% of toys in the US – made in China, total imports from China and Vietnam: $15 billion
The numbers speak for themselves: American families will strongly feel every additional percentage of tariffs: from the keyboard to the toy.